United Co-Operatives has more than 900 outlets in the North of England and is the first equity release joint venture involving a major retailer.
Retirement Plus will promote equity release through United’s food stores, pharmacies, travel agencies, car sales and funeral outlets, under an agreement reached with United Co-operatives and NHFA, a whole of market adviser.
The equity release promotion will feature in-store advertising, as well as leaflet drops around the stores. United’s stores have a footfall of 7.9 million people per week and it reaches 1.9 million people with each of its frequent leaflet drops.
United Co-operatives, which already has financial services affinity partners offering savings and investments as well as insurance, has moved into equity release in recognition of the UK’s growing problems with retirement funding. While the pensions gap is estimated at anything upwards of £26 billion, it remains true that people over 65 in the UK have more money invested in property than they have in pensions.
Duncan Young, managing director at Retirement Plus, said: “We are very much looking forward to working with United Co-operatives on this programme. We believe that in the retail environment our commitment to information and education before advice is the way forward.”
